Breaking: BoC leaves policy rate unchanged at 0.25% as expected, signals hike likely in March

The Bank of Canada announced on Wednesday that it was holding its overnight interest rate at 0.25%, as the majority of market participants had been expecting. Note that a minority had expected a 25bps rate hike to 0.50%. The bank also signalled that a rate hike would likely be coming in March by saying that overall slack in the economy had been absorbed, satisfying the conditions outlined in the bank’s forward guidance for an interest rate hike.  

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